Business Intelligence Statistics Featured Image
blog

Business Intelligence Statistics

Last updated: 01.11.2022
Author: Marija

The term business intelligence gets thrown around a lot, but what does it actually mean? It is much more than a buzzword, it is a process that helps organizations make better strategic decisions by collecting and analyzing data. In other words, BI helps companies understand their customers and operations better so they can improve their performance. Sound like something worth investing in? These business intelligence statistics will help you find out.

Business Intelligence Statistics (Editor’s Choice) 

  • The business intelligence software market is on track for $17.6 billion by 2024. (Finances Online)
  • The embedded analytics market should reach $77.52 billion by 2026. (Data Pine)
  • 62.5% of the BI market is held by 10 software vendors. (Finances Online)
  • Data privacy and security are a concern for 43% of organizations. (Business 2 Community)
  • 29% of respondents say big data is very important. (Builtin)
  • Up to 74% of employees get overwhelmed or are unhappy working with data. (Trust Radius)

Statistics on Business Intelligence

1. Traditional Business Intelligence originally started in the 1960s.

BI originated back in the 1960s as a system for sharing information across organizations. It was in 1989, however, when the term debuted alongside computer models for decision-making and turning multiple pieces of information into insights. 

(Tableau)

2. The global business intelligence industry market is set to reach $17.6 billion by 2024. 

How big is the business intelligence market? The business intelligence market size is expected to end 2022 at $29.48 billion in global revenue, stats on business intelligence indicate. The larger global business intelligence market meanwhile is projected to grow from $23.1 billion in 2020, with a 7.6% CAGR, reaching close to $33.3 billion by 2025. The global mobile BI market is on track for even more impressive growth — 18.9% — that will see it soar to $29.6 billion by 2027.

(Finances Online

3. The embedded analytics market is expected to reach $77.52 billion by 2026.

This reflects a CAGR of 13.6% since 2017. Embedded analytics is one of the main trends in business intelligence, alongside AI, data security, quality management, predictive and prescriptive analytics tools, data literacy, and data automation.

(Data Pine)

4. About 66% of the market is held by nine business intelligence software vendors.

Business intelligence statistics show that combined, these companies had a revenue of around $14.9 billion. The 2019 business intelligence and analytics software market was dominated by SAP which held 16% of the market, followed by Oracle and SAS with 12% and 11%, respectively.

(Finances Online)

Top Business Intelligence Software Vendors by Market Share

5. Logistics, healthcare, and financial services are the industries that need BI the most.

In the case of logistics, constant data updates are needed, including supply chain tracking and management of large datasets, which is why such companies also turn to data warehouse software to ease their workload. BI is crucial for making better financial decisions, while in the case of healthcare, the enormous amounts of data make BI a necessity, business intelligence stats indicate. 

(Data Pine)

6. Privacy concerns are the main impediment to utilizing data and analytics.

While around 59% of companies are using advanced and predictive analytics at the moment, business analytics statistics show that it’s not all smooth sailing. As many as 43% point to data privacy and security concerns that hold them back from using analytics more effectively. Limited access to data and analytics throughout the organization is a problem for 29% of companies, while 27% cite low access to analytics-related talent and training, according to business intelligence stats

(Business 2 Community)

7. 95% of organizations plan the same or higher investments in the coming period when it comes to their analytics initiatives.

Around 65% claim with certainty that they will invest more in business analytics market products and services. 79% of large enterprises, with over 1,000 workers, report they will invest more. 65% of organizations plan to invest more in hiring data and analytics staff, as evidenced by business analytics trends.

(Business 2 Community)

8. 58% of companies worldwide have a Chief Data Officer.

The data-driven culture in many organizations means C-level employees are responsible for data. As many as 78% of telecommunications companies have one, business intelligence stats show. The government sector, however, is lagging behind, with only 28% of government agencies having a CDO. 

(Business 2 Community)

9. Up to 50% of teams and customers will use business intelligence tools after the pandemic more than before.

The COVID-19 pandemic has brought about changes in pretty much any sector of life and the economy and business intelligence is no exception. Around 55% of teams say they will keep BI spending at the same level after the pandemic, according to business intelligence statistics. 

(Trust Radius)

10. 36% of companies say Big Data is crucial to business operations. 

Big data companies can provide you with insights that can help improve your business which is why many ventures turn to them. But just how important is big data? 29% of companies see it as “very important”, while for 20%, it’s just ‘important’. 12% meanwhile say it is “somewhat important”. 

(Builtin, Findstack)

11. Data warehousing is on track for 12% growth by 2025. 

Underpinned by BI, the data warehousing market will see a 12% CAGR between 2019 and 2025, statistics on business intelligence and data warehousing show. Among the contributors to this projected growth is the rising need for BI as companies look to gain a competitive edge over rivals.

(Global Market Insights, G2)

12. Up to 74% of workers are overwhelmed or feel unhappy when working with data.  

The satisfaction level is quite low when data work is involved and 14% of workers are overwhelmed at least once a day by data work. Another 48% of employees say this happens at least once a week. This is why business intelligence statistics suggest that tools such as dashboard software are important to help employees handle the unprecedented data workload.

(Trust Radius)

The Bottom Line

Understanding and using business intelligence is more important than ever before. BI can help you make data-driven decisions about where to allocate your resources in order to get the most return on investment. And when it comes to marketing, business intelligence statistics show that making use of analytics is essential if you want to stay ahead of the curve. The good news is that there are plenty of tools out there to help you do just that.

Sources: Finances Online, Data Pine, Business 2 Community, Builtin, Trust Radius, Tableau, Data Pine, Findstack, Global Market Insights, G2

Leave a Reply

Your email address will not be published. Required fields are marked *